Unemployment in Ukraine remains at 1.6% in August.

By bne IntelliNews September 16, 2014

In August, the official unemployment rate remained at the level 1.6%, same as in July, the State Statistics Service said. As of Sep 1, 2014 the State Employment Service had registered 426,100 unemployed people. The number of unemployed people, who received state aid in July, was 333,300; the average unemployment benefit was UAH 1,185 per head that month.

The international labor organization states that the real figures are at least three times as high as the official ones. We believe that the main reason behind the understated statistics, is large shadow economy that exists in the country, which in turn leads to salaries being paid in "envelopes". In addition, while firms in the country face a shortage of skilled workers, many university graduates can’t find employment or end up in jobs that do not use their skills due to skills mismatch.

The government forecasts the ILO unemployment level will reach 8.2% in 2014. Labor productivity in Ukraine in 2014 will decrease by 1.7 % y/y, the government believes.

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